JP Morgan
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Tele Columbus has priced its IPO in Frankfurt, the first of the year in Europe. The German cable company’s sale has been a success, and was priced at €10 a share, the midpoint of the €8-€12 range, and the top of the revised range.
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Angus Chemicals, the US chemicals producer, is closing books on its $505m leveraged loan, the first of the year, having made a small shift in favour of euros on the crossborder transaction. -
US corporate new issues have plunged to multi year lows as issuers shrug off strong demand due to the cost of carry. Even Thursday’s confirmation of European Central Bank quantitative easing, which opened the floodgates for FIG issuers, could not move corporate borrowers off the sidelines.
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KKR, the US private equity firm, surprised the UK equity markets on Thursday morning as it announced its takeover of Thetrainline.com, the train ticketing website that had a fortnight ago expressed its intention to float in London.
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Dominican Republic harnessed investor appetite for long dated Latin American debt to bulk up its 10 and 30 year dual tranche offering to a record $2.5bn. While the leads declined to disclose the order book’s final size, it was comparable with the $8bn Mexico attracted to its similar deal last week.
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While US borrowers dominated senior unsecured issuance this week, Dutch lender NIBC Bank was also able to return to the euro senior unsecured market after an absence of almost three years.
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Colombia priced a long-dated dollar trade on Wednesday, a $1.5bn 30 year that followed the Dominican Republic's 10s and 30s dual trancher on Tuesday. A focus on price over size enabled Colombia to achieve its lowest ever coupon for a 30 year and although some investors felt pricing was tight, demand was over $5bn.
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A trio of US banks found deep demand in the euro market this week, with Citi, Goldman Sachs and JP Morgan all drawing large order books for senior deals in the currency. A favourable cost of funding compared to dollars allowed the banks to offer up large new issue premiums to investors, calming the nerves of any investors concerned by the recent glut of supply or possible volatility from Thursday’s ECB meeting.
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Italian electricity company Enel has priced a €1.46bn 10 year bond, to be issued to the holders of six shorter dated bonds, after 25% of the investors accepted an exchange offer.
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Colombia priced the Latin America's second long-dated dollar trade on Wednesday, following the Dominican Republic, with a $1.5bn 30 year. Borrowers are rushing to lock in long-dated borrowing costs before the US raises rates.
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Adif Alta Velocidad, the Spanish high speed rail track operator, priced a €1bn 10 year bond on Wednesday, its second ever issue. The company had originally intended to launch the deal last year.
